By Stuart A. McCrary
Comprises buying and selling examples that illustrate issues approximately danger administration and leverage.Presents the entire functional wisdom essential to run a leveraged funding company.Non-technical causes brings a component of transparency to part of the funding international usually considered obscure.
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Extra resources for How to Create and Manage a Hedge Fund: A Professional's Guide (Wiley Finance)
Equity pairs trading has been a low-risk strategy with attractive returns. Because of the tightly constructed individual transactions, returns are not correlated with stock or bond returns. Leverage of around 2:1 or slightly higher is typical of equity pairs trading. Equity Market-Neutral Funds Equity market-neutral funds combine issues into similarly behaving long and short portfolios within a country. Generally, the manager tries to create similar sector exposure, market capitalization, beta, and currency risk in the long and short portfolios.
Instead, portfolios are constructed with high-powered statistical models, so the long and short positions behave similarly in aggregate but differ in individual composition. Often, equity market-neutral funds design trading rules around an overriding theory. For example, a manager may believe that smallcap stocks outperform large-cap stocks. This theory is translated into rigorously tested explicit trading rules. Successful strategies are generally implemented with little discretion or overrides.
These organizations separate hedge funds into categories. In most cases, the data providers categorize a fund similarly. Funds are sometimes assigned to different categories due to differences in the definition of their categories and human judgment. Divisions in the plant or animal kingdom suffer from some ambiguity, but these organisms are definitely either flora or fauna. Hedge funds do not need to stay true to a single investment philoso33 34 TYPES OF HEDGE FUNDS phy. Funds that combine multiple strategies can either be classified as mixed or one of the multiple strategies.